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Typical new mortgage costs soar £788 a year in two weeks
Average two-year fixed mortgage rate hits 5.28%, the highest since April 2025, with nearly 700 fewer mortgage products available, Moneyfacts reported.
- By the start of March, Moneyfacts found the average mortgage 'shelf life' in the UK mortgage market fell to two weeks, the shortest period recorded in more than two years.
- After the US‑Israel strikes on Iran, swap rates rose and lenders began repricing and pulling products, a shift Rachel Springall, finance expert at Moneyfacts, linked to Middle East unrest.
- Data show the two-year fixed rate jumped to 5.28%, making a typical 25-year, £250,000 mortgage £788 more expensive annually and five-year fixes £651 costlier, Moneyfacts said.
- Major lenders have pulled their most competitive deals, with at least 530 homeowner deals vanished since Monday March 9 and 689 fewer products available, according to Moneyfacts.
- With the Bank of England meeting this Thursday, Adam French warned 'Borrowers may need to brace for further volatility in the weeks ahead as the global economy braces for a 'Trumpflation' wave flowing from the US and Israel-led action in Iran'.
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14 Articles
Coverage Details
Total News Sources14
Leaning Left1Leaning Right2Center3Last UpdatedBias Distribution50% Center
Bias Distribution
- 50% of the sources are Center
50% Center
L 17%
C 50%
R 33%
Factuality
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